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BRE Properties Offering $250 Mil in Senior Unsecured Notes

SAN FRANCISCO-The locally-based apartment REIT announces a $250-million offering of senior unsecured notes under its existing shelf registration statement. The proceeds will go toward repaying amounts outstanding under the company's unsecured credit facility, and for general corporate purposes.

By Becky Bergman | Updated on January 09, 2001

SAN FRANCISCO-BRE Properties says it has priced a $250-million offering of senior unsecured notes under its existing shelf registration statement. The San Francisco-based apartment REIT says it will use the net proceeds – more than $240 million – to repay amounts outstanding under the company’s unsecured credit facility and for general corporate purposes.

The 10-year notes, rated Baa2 by Moody’s Investor Service, BBB by Standard & Poor’s and BBB+ by Fitch Inc., were issued at 99.582% of par value, with a coupon of 7.45% and a yield to investors of 7.51%. Interest on the notes is payable semi-annually on July 15 and January 15 beginning on July 15, 2001 will mature on January 15, 2011. Settlement is scheduled for January 12, 2001.

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